Problems faced by Professionals especially CA's

Is Chartered Accountancy in India threatened by artificial intelligence? Will AI take all the accounting and auditing jobs in India?

Saurabh Toshniwal, 24, CMA, CA, Works at Deloitte, Mentor, Writer, Speaker

Answered Aug 25

A lot is happening in background and probably you don’t know this yet !

1. KPMG has announced its tie ups with IBM to use its cognitive computing technology called Watson, for its professional services as well as Audit & Assurance services as well. With Watson, KPMG believes it will be able to crunch all types of numbers – generate more data and better insights.[1]

2. Since 2015, KPMG has already been using various innovations from McLaren Applied Technologies (MAT) in its auditing processes.[2]

3. Deloitte has partnered with Kira Systems, for almost past one year, and using its Artificial Intelligence based Contract Analysis tool named Kira, which understands what is important in a contract and identifies those particular sections of the given contract. [3]

4. Deloitte has also developed the next generation Audit & Documentation tool called Argus, which interrogates electronic documents machine learning & natural language processing and identified, analyses & extracts information from a huge set of data. So data from thousands of documents can be analysed, extracted and automatically transformed into a Spreadsheet report. It was awarded “Audit Innovation of the Year” for its work. [4]

5. Ernest & Young (EY) has acquired C3 Business Solutions, a data analytics firm to support its clients to move ahead of basic data collection and instead focus on full life cycle of information management & advanced analytics around strategic goals. [5]

6. PwC is also into building Artificial Intelligence based applications and it is the one firm which has a huge team researching and reporting on the future with Artificial Intelligence, its impact and the trends in global economy as a result of the same. [6]

Big4 Firms have already not just invested huge in Artificial intelligence but they have also started implementing the same on a small scale. Technology isn’t pushing us out, instead we are embracing the technology and inviting it to our profession.